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Stock Report
PG Electroplast Ltd to form JV with Jaina Group for manufacturing LED Televisions
Posted On : 2023-07-14 12:01:07( TIMEZONE : IST )
The Executive Committee of the Board of Directors of PG Electroplast Limited in its meeting held on Thursday, July 13, 2023 has approved the draft Joint Venture (JV) Agreement to be entered between PG Electroplast Limited ('PGEL') and 'Jaina Group' for manufacturing of LED Televisions.
The Joint Venture (JV) Company will initially undertake the manufacturing of LED Televisions. The JV's purpose is to leverage both Parties' expertise and resources to create a strong and competitive business that can meet the growing demand for high-quality televisions.
PGEL and JMA have identified Goodworth, which is a group company of Jaina Group, to be converted into a 50-50 Joint Venture between PGEL and JMA for the purpose of JV agreement.
PGEL and JMA shall each nominate 3 directors to the Board, who shall be responsible for the management and direction of the JV Company.
The equity shareholding of the JV Company will be 50%-50% between PGEL and JMA. PGEL and JMA shall contribute equal capital to the JV by purchasing shares at an equal price per share. Any subsequent capital contributions shall also be made on an equal basis unless otherwise agreed by both PGEL and JMA.
The consent of at least one PGEL Director and one JMA Director with Board majority shall be mandatory, for changes in charter documents, changes in share capital, declaration of dividends, any scheme of arrangement, appointment of Directors, commencement of new line of business.
In the event that either JMA or PGEL ('Transferring Party') intends to sell its shares in the JV Company to a Third Party, the 'NonTransferring Party' shall have a 'Tag Along' right to participate in the sale of shares.
Shares of PG Electroplast Limited was last trading in BSE at Rs. 1579.05 as compared to the previous close of Rs. 1556.40. The total number of shares traded during the day was 2455 in over 451 trades.
The stock hit an intraday high of Rs. 1645.25 and intraday low of 1568.20. The net turnover during the day was Rs. 3969408.00.
